Make it easy for your loved ones to locate the documents they'll need when the time comes with a Legacy File that includes the following:
- Duplicate Copy. If you create a duplicate copy of your Legacy File for your executor and for a safe deposit box, you should provide contact and location information.
- Finances. Provide a list of bank accounts, CDs, mutual funds, and other investments with institution names, account names, and account numbers.
- Funeral Instructions. Provide details about your wishes for the funeral service, funeral home, burial arrangements.
- Important Documents. Create a “catch all” file for all other important documents your family may need such as birth certificates, Social Security cards, titles, etc.
- Insurance. Create a single file with all insurance information – including auto, home, life, health, disability, etc. List the company name, policy numbers, and contact information.
- Monthly Budget. Include a copy of your monthly budget to help your family keep track of bills and run your household once you are gone.
- Passwords. If you’re like most people, you have probably have a large and growing list of passwords, usernames, and PIN numbers for your bank accounts, web sites, voicemail, and more. Make a list of these important access codes in a single file.
- Spiritual Will. A "love letter" from you expressing your love for Christ and your family, and communicating your values, life lessons, and beliefs.
- Tax Returns. It is recommended that you keep up to 7 years of tax returns on file in the event that you are audited by the IRS. This precaution will spare your family from a lot of unnecessary hassle if you are no longer around.
- Will. A signed copy of your Will, including information about guardianship, beneficiaries, executor, power of attorney, financial accounts, and charitable interests.
Source: Selected concepts based on the Legacy Drawer at www.daveramsey.com
Faith and Family Resources:
- Purpose of a Legacy Love Letter
- Sample Legacy Love Letter
- Setting up Your Legacy File
- Notice of Bequest Letter
- Recommended Resources
- Next Steps in Your Journey
This information is not intended as legal, accounting or other professional advice. For assistance in charitable planning, consult an attorney for legal advice or the services of a qualified professional.